DebtCo is forging ahead with its debt collection services with an eye towards empathy and empowerment, following the definition offered by the Financial Conduct Authority of what makes an 'vulnerable consumer'; that being someone susceptible to detriment due to inadequate care from firms. Our holistic view recognises that vulnerability is more than an individual issue, but also related to organisational responses to vulnerability.
Proactively identifying and supporting vulnerable customers requires an intricate approach. Vulnerabilities often remain hidden, forcing organisations to be vigilant and responsive.
Understanding Vulnerability with a Three-Tiered Approach
With the launch of VIVA on our FinView platform, we plan to reinvent how we address vulnerability: with three tiered approaches that combine technology, human intuition and risk.
Potentially Vulnerable Individuals: Individuals in this category have an otherwise secure financial situation, but may become vulnerable due to unexpected changes or events in life.
Vulnerable Customers: Customers currently experiencing situations which increase their susceptibility to financial harm require immediate support and intervention to be safeguarded against possible future harm.
Particularly Vulnerable Individuals: People in immediate and dire need of support due to risks that pose severe, immediate damage; this group requires immediate and comprehensive assistance.
VIVA (FinView Intelligent Vulnerability Assessment) is an exciting feature we are pleased to introduce shortly. It is designed to identify vulnerabilities through analysing communication patterns and payment behaviours - providing a more sensitive yet effective approach to debt management.
Empowering Customers: Emily
Imagine Emily is recently made redundant. Using VIVA's advanced algorithms, we identify any communications that indicate potential vulnerability related to her job loss, while FinView gives Emily autonomy over managing her own case independently. Through this dual approach of detection and empowerment, our solutions remain compassionate and effective.
FinView and VIVA Complement Each Other
FinView and VIVA play an invaluable role together. While FinView empowers debtors to take control of their cases, VIVA bolsters this process by identifying those needing additional support. This collaboration speaks volumes for our dedication to humanising debt recovery as a practice.
Looking Forward to VIVA
The upcoming launch of VIVA marks a significant step forward in our mission to humanise debt collections. It represents our dedication to understanding and responding to the varied vulnerabilities of our customers, helping them navigate their financial challenges with respect and autonomy.
Want to know more? Get in touch with us.